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Energy Efficiency Tax Credits Extended to 2013!

15 March 2013

Happy tax season everyone! Thankfully there is some good news when it comes to tax season this year! In January 2013 the  American Tax Payer Relief Act of 2012 was signed into law. This extends many energy efficiency tax credits until the end of 2013 and retroactively restores them for 2012. The table below- from Alliance to Save Energy– gives a great summary of all the tax credits available. Homeowners can claim up to $500 in cumulative tax credits. So, when filing for 2012 taxes do not forget to claim your tax credits for any qualifying energy efficiency upgrades you made between 2011 and now!

  Value of Credit Eligibility Criteria
Insulation or insulating material 10% of cost. Meets the criteria required by the 2009 International Energy Conservation Code.
Exterior window or skylight 10% of cost, up to $200. Meets ENERGY STAR requirements.
Exterior door 10% of cost Meets ENERGY STAR requirements.
Metal roof with pigmented coating, or asphalt roof with cooling granules 10% of cost Meets ENERGY STAR requirements.
Advanced main air circulating fan $50 Electricity use of no more than 2% of total energy used by the furnace.
Natural gas, propane, or oil furnace or hot water boiler $150 Annual fuel utilization efficiency (AFUE) rate not less than 95.
Electric heat pump water heater $300 Energy factor of at least 2.0.
Electric heat pump $300 Meets the highest efficiency tier set by the Consortium for Energy Efficiency for 2009: SEER of at least 15, an EER of at least 12.5, and an HSPF of at least 8.5.
Central air conditioner $300 Meets the highest efficiency tier set by the Consortium for Energy Efficiency for 2009: SEER of at least 16 and an EER of at least 13 for most air conditioners.
Natural gas, propane, or oil water heater $300 Energy factor of at least .82 or a thermal efficiency rating of at least 90%.
Biomass stove $300 Thermal efficiency rating of at least 75%.
Heats a dwelling or water for use in a dwelling.
Fueled by plant-derived fuel.

For additional information and details on these credits take a look at Tax Incentive Assistance Project (TIAP)

Tax credits are also available for some electric vehicle purchases in 2011-2013.

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